The Real Estate Market is Improving for Sellers in Southeast Minnesota!

By
Real Estate Agent with Counselor Realty of Rochester
Recently I showed some homes to a couple of new buyer clients of mine here in Rochester, Minnesota.  Rochester's real esate market is the largest single city's market witin the southeast Minnesota real estate market.  Other cities in this market include Austin, Albert Lea, and smaller Rochester suburb communities such as Byron and Stewartville.  I had not looked in the price category they were in for a couple of months but I thought there would be more homes to look at since spring had now sprung.  It didn't take very long to realize that the houses available in that price range were not as plentiful as they were this winter!  Hopefully for my buyers, something will come on the market that fits their requirements and also meets their desires soon.

In the meantime I decided to check the numbers, and sure enough there are less homes on the market than their were at this time last year and the median sale price has gone up.  Maybe southeast Minnesota's real estate market has hit rock bottom finally!  With low interest rates as well as low home prices, it certainly has plenty of reason to!

If anyone is interested in updated numbers please don't hesitate to call or email me for the current market statistics!  Any other market related questions are also kindly invited.

Here are the numbers for our latest completed month, April, 2012:

Summary Statistics from the Southeast Minnesota Association of Realtors:
  Apr-12 Apr-11 % Chg 2012 YTD 2011 YTD % Chg
Absorption Rate 7.65 9.22 -17.03 7.14 8.52 -16.20
Average List Price $185,759 $176,882 5.02 $175,741 $168,415 4.35
Median List Price $149,900 $144,900 3.45 $144,900 $139,900 3.57
Average Sale Price $147,618 $140,681 4.93 $140,567 $131,672 6.76
Median Sale Price $132,500 $120,000 10.42 $125,000 $114,000 9.65
Average DOM 144 158 -8.86 140 148 -5.41
Median DOM 84 103 -18.45 88 101 -12.87

Sold Listings
  This Month Year to Date
  2012 2011 % Chg 2012 2011 % Chg
0-30k 16 19 -15.8 63 90 -30.0
30k-40k 17 20 -15.0 54 70 -22.9
40k-50k 10 19 -47.4 48 55 -12.7
50k-60k 14 19 -26.3 56 53 5.7
60k-70k 11 11 0.0 50 54 -7.4
70k-80k 17 20 -15.0 64 57 12.3
80k-90k 22 18 22.2 60 55 9.1
90k-100k 18 22 -18.2 61 50 22.0
100k-120k 31 30 3.3 106 99 7.1
120k-140k 32 47 -31.9 128 132 -3.0
140k-160k 39 33 18.2 124 86 44.2
160k-180k 26 19 36.8 100 66 51.5
180k-200k 18 20 -10.0 55 56 -1.8
200k-250k 37 32 15.6 110 79 39.2
250k-300k 18 10 80.0 53 35 51.4
300k-400k 15 7 114.3 49 31 58.1
400k-500k 3 8 -62.5 13 18 -27.8
500k+ 5 8 -37.5 12 16 -25.0
Totals 349 362 -3.6 1206 1102 9.4

Pending Listings
  This Month Year to Date
  2012 2011 % Chg 2012 2011 % Chg
0-30k 10 19 -47.4 62 67 -7.5
30k-40k 13 16 -18.7 51 73 -30.1
40k-50k 16 12 33.3 54 62 -12.9
50k-60k 11 13 -15.4 60 65 -7.7
60k-70k 17 13 30.8 66 63 4.8
70k-80k 24 19 26.3 78 65 20.0
80k-90k 25 21 19.0 74 65 13.8
90k-100k 23 29 -20.7 79 75 5.3
100k-120k 61 40 52.5 159 135 17.8
120k-140k 73 59 23.7 201 183 9.8
140k-160k 64 56 14.3 193 148 30.4
160k-180k 42 41 2.4 138 115 20.0
180k-200k 37 21 76.2 108 89 21.3
200k-250k 51 35 45.7 159 98 62.2
250k-300k 32 19 68.4 92 59 55.9
300k-400k 28 20 40.0 73 47 55.3
400k-500k 10 4 150.0 21 17 23.5
500k+ 5 6 -16.7 23 22 4.5
Totals 542 443 22.3 1691 1448 16.8

Comments (1)

Kevin Sembrat
Diversified RCS Inc; http://www.ManhattanPropertiesGroup.com - Manhattan, NY

Hi Derrick,

Great information here -- thanks for posting!

Best,

Kevin

May 02, 2012 05:16 PM